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Spice Mobility updates on restructuring of subsidiaries

Capital Market 

S Global Services hikes stake in Spice VAS (Africa)

Spice Mobility announced that S Global Services ('SGS') and Spice VAS (Africa) ('SVA'), both step down foreign subsidiaries of the Company, incorporated and existing under the laws of Singapore, have entered into a Share Subscription and Purchase Agreement, whereby SGS shall transfer its entire shareholding in the Omnia, another step down foreign subsidiary in Singapore to SVA against issue of SVA's shares to SGS, as agreed between SVA & SGS.

Consequently, after allotment of shares as agreed between SVA & SGS:
i. Omnia and its subsidiary i.e. PT Spice Digital Indonesia, Indonesia will become subsidiaries of SVA and step down subsidiaries of SGS and will continue to be the step down subsidiaries of the Company, and
ii. SGS stake in SVA will increase from 70% to 80%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 10 2017. 10:56 IST